Question: 2. A couple has decided to start a college educational trust fund for their new born daughter. Suppose a couple deposited an initial $14,000 into
2. A couple has decided to start a college educational trust fund for their new born daughter. Suppose a couple deposited an initial $14,000 into the account on the child's actual date of birth and then for the next 12 years, on the day before her birthday, they make a deposited $6,000 into the account. After the 12th year, the couple stopped depositing money into the account. When their daughter goes off to college, the trust fund will pay her R dollars on her 18'", 19th, 20th, and 21st birthday. Use the TVM solver to help determine the value of Rif the money earns 1.96% interest compounded annually. Show in detail how you arrived at your answer. Your final answer should be in the form of a sentence. Write short comments in your solution that describe the steps that you use to solve this problem. Note: There is one small, but very important detail that you need to determine that will determine if you calculate the correct answer or not; so think about each step very carefully. (3 points)
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